I try to always stay working on something. If I'm not making my own stuff I'm usually trying to take someone else's music apart to study it. That's how I look at it. It's a good way to stay sharp and keep learning even if I'm not feeling creative. You'll make some cool custom instruments to use in other songs. You'll sharpen mixing and tweaking, sampling, etc. You start to contemplate things like dynamics, song compositions and structures. You also learn to respect the amount of work that goes into making a song.
Keep in mind that it's relevant too. You have to be able to recognize and choose from songs within your skill level. I don't go trying to remake a J.U.S.T.I.C.E. League beat because I know I can't. It's almost always me identifying and recognizing instruments in a song, and knowing I could come close to making them.
This was first one I ever did:
My reasoning:
It's fairly simple in that it only has 7-8 channels, and somewhat repetitive main pattern. The only real variations to that were a few drop-ins and drop-outs. I knew Reason had a decent piano samples that I could easily tweak to sound like the song.
First thing I had to do was find the snare. That's where whosampled is awesome these days, finding out where a sample came from. Back then I searched on google and found out where the original sample came from. Once I found that it was pretty easy. I still needed to make other instruments and tweak them but I had the snare. I knew I couldn't recreate that snare, I needed a sample. I also needed to put a ton of distortion on it. Kick and hats are stock 808's with a little tweaking. I knew I could somewhat easily make the rest with samplers and a synth for the bass.
It took me around 8-9 hours total to find everything, make the beat, tweak it, mix, etc. And that's for such a simple beat. Now I could probably make the same beat in 6 hours.